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Midday Movers: CarMax Helps Drive the S&P 500 Higher



  • U.S. equities bounced back from Wednesday's declines with gains at midday Thursday, Dec. 21, 2023, after several companies reported better-than-expected results.

  • Wholesale market vehicle sales rose at CarMax, and shares of the used car giant took off.

  • Paychex shares tumbled after it said macroeconomic pressure on small- and mid-sized businesses hurt demand.


U.S. equities brushed off Wednesday’s selloff and went back to their winning ways at midday on Thursday after several companies reported better-than-expected results. The Dow, S&P 500, and Nasdaq all advanced.

CarMax (KMX) shares jumped after the biggest U.S. used car dealer beat earnings estimates as it sold more vehicles in the wholesale market and restarted its share repurchase program.

Shares of Micron Technology (MU) gained as the chipmaker posted better-than-expected results and gave a strong outlook on higher prices and soaring demand for its artificial intelligence (AI) products.

Carnival Corporation (CCL) shares increased as the cruise line posted a smaller-than-anticipated loss and beat revenue forecasts on steady demand for cruises.

Warner Bros. Discovery (WBD) and Paramount Global (PARA) shares declined following reports the two entertainment giants were in merger talks.

Shares of Paychex (PAYX) slumped when the payroll services provider missed revenue forecasts, saying demand has taken a hit as small- and mid-sized businesses face higher costs and a tight labor market.

Comcast (CMCSA) shares fell for a second straight session after reporting that hackers breached the media company’s Xfinity cable system, compromising the personal data of some 36 million customers.  

Oil futures were lower and gold prices rose. The yield on the 10-year Treasury note declined. The U.S. dollar lost ground to the euro, pound, and yen. Trading in major cryptocurrencies was mixed.


 
 

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